[Sino-Congolese Programme] China Eximbank provides $9.9 million loan for Bunia Stadium Construction Project (Linked to Record ID#450)

Project narrative

In 2008, China Eximbank issued a $3.003 billion general buyer's credit loan to Sino–Congolais des Mines (Sicomines SARL) — a joint venture — to finance infrastructure projects in the DRC (as captured via Record ID#450). All subsidiary borrowings under the (government-guaranteed) general buyer's credit loan agreement were to be repaid with revenues from mining projects managed by Sicomines SARL. Each subsidiary loan carried a maturity of 25 years, a grace period of 10 years, and an interest rate of 6-month LIBOR plus a 1% margin (or 3.839% at the time of the agreement). All infrastructure projects supported through the general buyer's credit loan were part of the so-called “Sino-Congolese Programme." One of the subsidiary loans issued as part of the 'Sino-Congolese Programme' was a $9,940,215.63 loan for the Bunia Stadium Construction Project. The loan ultimately achieved a disbursement rate of 90% ($8,938,817.47 out of $9,940,215.63). The project involves the construction of a 10,000 seat stadium that is located in Bunia in Ituri Province. Sinohydro is the contractor responsible for project implementation. It was awarded a $9,940,215.63 contract (ID#ACGT/DG/017/2015) on August 17, 2015. Construction began on May 15, 2017 and the project’s originally expected completion date was September 2018. The project achieved provisional acceptance on March 10, 2022. It was officially handed over to the Congolese authorities on August 23, 2023.